Transparency Market Research: Military Radar Market Worth $9.4B by 2024

A new Transparency Market Research report predicts the global market for military radar platforms to grow to $9.36 billion by the end of 2024 at a compound annual growth rate of 2.4 percent.

TMR said Friday government investments in radar research and development efforts are likely to drive the worldwide military radar market.

According to a TMR analyst, the U.S., Germany, Russia, India and China are some of the countries that have made significant investments in military radar R&D efforts in response to terrorism, socio-political issues and civil unrest in the Middle East.

The report noted that Raytheon, Northrop Grumman and Lockheed Martin accounted for 35.4 percent of the market in 2015.

TMR market research also cited that wind turbines could pose a challenge to the implementation of military radar systems due to signal distortion issues.

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